Technical Analysis
EUR/USD opened near 1.0920 in New York after hitting 1.09050 overnigh. The pair traded within a tight range of 1.0910-1.09362
GBP/USD is currently trading at 1.2702, showing a decline of 0.6% during the New York afternoon session.
Despite technically being down 0.2% at 1.2779 in Monday trading, GBP/USD remains entrenched within its recent range, supported by the daily cloud top at 1.2706 and capped by the descending 10-day moving average (DMA) currently at 1.2841.
Japanese yen buy-backs persisted in Asia, causing significant declines in USD/JPY and JPY crosses.
As of August 2, 2024, spot gold prices have surged to $2,463.48 per ounce, approaching the historic high of $2,483.60 set in July
GBP/USD drifted higher post-Fed, trading up 0.14% at 1.2854 within Wednesday's range of 1.2864-1.2821.
The market remains uncertain about the direction of USD/JPY and JPY crosses following the Bank of Japan’s (BOJ) recent interest rate hike. Overnight "leaks" revealed that the BOJ raised its short-term rate target to 0.25% and announced a tapering schedule for its Japanese Government Bond (JGB) purchases.
The Gold price (XAU/USD) saw some dip-buying during the Asian session on Tuesday but remained within the previous day's broader trading range and below the $2,400 mark
EUR/USD rallied on Friday and may remain elevated as investor expectations for Fed rate cuts were reinforced by the latest round of U.S. data.
EUR/USD rallied on Thursday, though the manner of trading suggests consolidation is taking place. This may leave investors reliant on the upcoming June U.S. Personal Consumption Expenditures (PCE) report to determine if bearish daily technicals will outweigh longer-term bullish signals.